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September 4th, 2012

A Raphael drawing and medieval manuscripts may set records when they are auctioned by Sotheby’s on December 5th. The Duke of Devonshire has decided to auction the Raphael with an estimated value of £10 million to £15 million in an attempt to raise money to preserve his home. The drawing, which was purchased 300 years ago, has been kept in the family collection at Chatsworth, Derbyshire, but the Duke has stated that “living at Chatsworth is a very expensive business.” He stated further, “It is the first time that any work of art has been sold from Chatsworth for a purpose other than paying taxes. I deeply regret it.”

Read the article via Bloomberg Businessweek